Where should I start in Real estate

Question

First off hello Everyone, So I would love to get started in real estate investing ive been doing my research for a little over a year now about single family & Multi family I do not make an insane lot of money ($24,000 a year) to be exact & I really want to change that. I have about $1,000 saved and i am just having a hard time deciding where to Begin exactly. So any help would be recieved with an open mind. 🤔

Derek Harris · Answer

Dauntae, continue saving money and reducing expenses. I recommend reading the book Set for Life by Scott Trench. In the meantime, gain as much knowledge as possible and continue asking questions. IMO, it's not wise to invest in real estate without sufficient reserves. One hiccup can be detrimental.

Rose White · Answer

HI Dauntae,

What is your major? from W2 stand point, depending on what you've majored or what your talent is, i would increase that salary first. I come from no money, not rich parents, no degree, but i hustled since i was senior in high school, so that was all i had, and i am at 45-50k salary with W2 job.

With that said, i think knowing what makes you happy is the most important thing... (serving people, or increasing your value- i think i am more into helping others increase their value than mine, but learning on the way) also whether its single family or multifamily, learning best and most you can would be helpful to those who have money, wanting to invest, and trust you would be a key.

If you have any strategic questions about multifamily or SFH, you should ask the BP community to increase your knowledge to those who are close to you.

Also, with low or no money down, you have to be creative or be able to attract people with money, meaning you need that hustle and learn the most you can with what interests you. your vibe attracts your tribes. know what you want and get after it!

take advantage of the people on bigger pockets!

good luck!

Marlen Weber · Answer

@Dauntae Stewart Start by saving some capital for future investments. Best of luck.

Evan Polaski · Answer

@Dauntae Stewart  I would try to find some side work in construction.  Start helping people do demo.  Not glamorous or fun, but generally it can be decently paid and starts to give you some experience in construction.

As mentioned, learning more is better than knowing less, and since most people start with single family rentals or flips, knowing what to look for and having an idea of what a property will take to get into needed condition is valuable.

Beyond that, I would be trying to get in front of as many investors, property managers, general contractors, etc as possible.  Be honest and let them know you want to learn more about the business.  Most will pick up the coffee bill (in my experience) and are happy to take 30 min to an hour to talk with you and help you learn.  Once you start meeting people, you will be amazed at how many doors you can open.

Dauntae Stewart · Answer

Thank you so much everyone for the tips, and Rose White My background is generally the same coming from a low to mid level income household, right now i am working at a flooring company in sales, and I could not attend college due to lack of money. The interesting part is that i am unsure what i love to do, I am a fairly decent artist but that is not really a passion of mine its more of a part time hobby to relieve stress. I have done research on multi-family units and I truly feel that once i get a better grasp on the terminologies and legal aspects & where i should set my targets i will come to love and understand the business. i am very interested as is but i am still a little bit lost with all the information on the internet it really can be overwhelming

Dauntae Stewart · Answer

Thanks for the advice

Dauntae Stewart · Answer

Yeah i will do that and thats my biggest fear diving in and losing it all due to money issues

Where should I start in Real estate

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